RAJ (CA) (120 Points)
29 September 2009I want to know, whether Banks can verify Income Tax Returns or cross verify all inside details your head of Incomes from the Income Tax Department in cases of Loans & Mortgages. Do Income tax Department give them copy of your return Form or details thereof.
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 30 September 2009
In my opinion while starting processing for a loan, bank requires income tax return copy filed by the applicant to the income tax department. Bank can also demands the Financial statement copies from the applicant to verify the correctness or otherwise of the return provided by the applicant.
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